Conflict of Laws Administrative Agency Finance & Banking

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D.C. Circuit Rejects Challenge to SEC Regulation A+

The Commission prevailed in the D.C. Circuit which rejected a challenge to Regulation A+. Petitioners, the chief security regulators for Massachusetts and Montana argued that the SEC’s rules were contrary to the Supreme...more

Judge Garland’s ERISA Jurisprudence Reflects His Methodical and Moderate Reputation

With President Obama’s recent nomination of Judge Merrick B. Garland of the U.S. Court of Appeals for the D.C. Circuit to the U.S. Supreme Court, we thought our loyal readers would be interested to learn a little about Judge...more

Massachusetts Challenges Regulation A+

On May 22, 2015, William F. Galvin, the Secretary of the Commonwealth of Massachusetts, filed a petition for review in the U.S. Court of Appeals for the District of Columbia Circuit seeking court review of the portion of...more

SEC to Vote on Regulation A+ this Wednesday Will State Law Preemption Survive?

On Friday, March 20, 2015, the SEC announced it will vote on its proposed changes to Regulation A at an open meeting on Wednesday, March 25, 2015. These changes are generally referred to as Regulation A+ and are meant to...more

Banks’ High Cost of Doing Business with the Marijuana Industry

In 1996, California voters passed Proposition 215, making it the first state to allow for the medical use of marijuana. To date, a total of twenty-one states and the District of Columbia allow for comprehensive public medical...more

Washington's Unprecedented Bid to Supplant State Insurance Regulators

In mid-October, Prudential Financial Inc. dropped its fight against being designated as a systemically important financial institution (SIFI) by the Treasury Department's Financial Stability Oversight Council. When the...more

ABA seeks broad CFPB preemption ruling

In August, the CFPB issued a notice seeking public comment on its plans to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration...more

Justice Scalia, Liberal Construction & The Finance Lenders Law

A few weeks ago, I purchased a copy of Reading Law: The Interpretation of Legal Texts by Justice Antonin Scalia and Bryan Garner. According to the cover, the authors “carefully and engagingly explain 57 valid canons of...more

New Jersey Legislature Amends Stored Value Card Abandonment Law

On June 29, 2012, New Jersey Governor Chris Christie signed into law legislation amending New Jersey’s unclaimed property law relating to the escheat of abandoned stored value cards (SVCs) to the state. Under the...more

Summary of CFPB Notice of Intent for Gift Card Preemption Determinations

On August 21, 2012, the Consumer Financial Protection Bureau (“CFPB”) published a notice of intent to make a preemption determination on whether provisions of abandoned property laws in Maine and Tennessee relating to gift...more

CFPB to make first preemption determinations

The CFPB intends to determine whether certain provisions of Maine and Tennessee laws relating to unclaimed gift cards are preempted by federal law on gift card expiration dates. The CFPB’s rulings will represent the agency’s...more

Parks v. MBNA: The California Supreme Court Issues Sweeping Decision on National Bank Act Preemption

The California lower courts have not been friendly toward national banks’ claims of preemption. That may change. On June 21, the California Supreme Court held in a unanimous opinion that the National Bank Act preempts...more

Employers in Florida Face State-Specific Employee Benefit Plan Issues

Employers with Florida employees face certain state-specific employee benefits compliance challenges. While in general ERISA preemption will serve to minimize the number of state laws applicable to the ERISA-governed benefit...more

Iran-Related Investment Bill Clears Committee

On May 2, 2012, the California Assembly Insurance Committee approved a bill that would direct the insurance commissioner to treat a domestic insurer’s investment in a company that has business operations in Iran as a...more

NASAA Slams The JOBS Act, But Have The States Really Been Handcuffed?

NASAA isn’t in the business of firing off rockets but it did launch a missile yesterday targeted directly at the JOBS Act. In this press release, NASAA’s president, Jack E. Herstein, is quoted as saying: "The JOBS bill...more

Financial Services Report -- Spring 2012

In this issue Beltway Report; Bureau Report; Mortgage Report; Operations Report; Privacy Report; Plastics Report; and Preemption Report. Excerpt from Beltway Report Bend Over, Cough On January 23,...more

Jobs Or Bucket Shops?

Last week, New York Times columnist Gail Collins wrote this Op-Ed piece criticizing the Jumpstart Our Business Startups (aka JOBS) Act (H.R. 3606). Dave Lynn provided a good summary of the bill in this posting on...more

Investment Management Legal + Regulatory Update: February 2012

In this issue: Senate Bill Would Raise Taxes on Derivatives Trades; Senate Hearings Question Fund Investments in Commodity-related Investments; SEC Grants No-action Relief for Potential Section 10(f) Violations; FINRA...more

Got Pot? The Feds Try to Make Mortgagee Banks Liable Under the Crack House Statute

Banks holding mortgages now have one more thing to worry about: potential criminal and civil liability and forfeiture under the federal “crack-house” statute. Sound crazy? Read on, because late last year the four U.S....more

U.S. Court of Appeals Holds New Jersey’s Retroactive Escheatment of Gift Card Abandoned Funds Unconstitutional and its Priority...

On January 5, 2012, the U.S. Court of Appeals for the Third Circuit found that New Jersey’s recently enacted unclaimed property laws requiring retroactive escheatment of abandoned amounts from stored value cards (SVC or gift...more

Bureau of Consumer Financial Protection Narrows Federal Preemption of Mortgage Lending Laws

Among the many changes made by the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”) were changes to the Alternative Mortgage Transaction Parity Act (“AMTPA”). AMTPA, a federal law that has been in...more

Office of Comptroller of the Currency Implements Rules Including Transfer of OTS Functions and Preemption and Visitorial Powers

The Office of the Comptroller of the Currency (OCC) on July 20 issued a final rule implementing several provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act, including changes to facilitate the transfer...more

OCC Proposes New Bank Preemption Rules Under the Dodd-Frank Act

On May 25, 2011, the Office of the Comptroller of the Currency (OCC) proposed revisions to its rules on the scope of federal preemption of state laws with respect to national banks.1 The proposed rules implement critical...more

SEC Proposes John Wilkes Booth Rules

On Wednesday, the Securities and Exchange Commission proposed rules disqualifying felons and other “bad actors” from Rule 506 offerings. In 2007, I submitted this comment letter arguing, among other things, that the SEC...more

UPWords- May 2011- Prepaid Discount Vouchers: The Not-So-Final Frontier

The biggest challenge for unclaimed property practitioners is determining how new forms of property fit into unclaimed property laws. Recent technological and entrepreneurial innovations continue to challenge historic...more

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